Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Stock Position Increased by Stonepine Capital Management LLC

Stonepine Capital Management LLC grew its holdings in Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,100 shares of the biotechnology company’s stock after purchasing an additional 4,100 shares during the quarter. Rigel Pharmaceuticals makes up approximately 3.2% of Stonepine Capital Management LLC’s portfolio, making the stock its 7th largest holding. Stonepine Capital Management LLC’s holdings in Rigel Pharmaceuticals were worth $5,001,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in Rigel Pharmaceuticals during the 3rd quarter valued at $7,148,000. Vanguard Group Inc. lifted its position in shares of Rigel Pharmaceuticals by 4.6% in the first quarter. Vanguard Group Inc. now owns 9,367,424 shares of the biotechnology company’s stock valued at $13,864,000 after acquiring an additional 414,207 shares in the last quarter. FMR LLC lifted its position in shares of Rigel Pharmaceuticals by 119.4% in the third quarter. FMR LLC now owns 48,105 shares of the biotechnology company’s stock valued at $778,000 after acquiring an additional 26,184 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rigel Pharmaceuticals by 29.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 98,006 shares of the biotechnology company’s stock valued at $1,586,000 after acquiring an additional 22,443 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Rigel Pharmaceuticals by 1,199.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,008 shares of the biotechnology company’s stock worth $340,000 after purchasing an additional 19,391 shares in the last quarter. 66.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. StockNews.com upgraded shares of Rigel Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $57.00 target price on shares of Rigel Pharmaceuticals in a research report on Friday, October 25th. Citigroup boosted their price target on Rigel Pharmaceuticals from $40.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price target on shares of Rigel Pharmaceuticals in a research note on Friday, September 20th. Finally, Piper Sandler lifted their price objective on Rigel Pharmaceuticals from $15.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.30.

Rigel Pharmaceuticals Trading Up 0.8 %

Shares of RIGL traded up $0.21 during mid-day trading on Wednesday, reaching $26.91. The company had a trading volume of 19,242 shares, compared to its average volume of 162,482. Rigel Pharmaceuticals, Inc. has a fifty-two week low of $7.48 and a fifty-two week high of $29.82. The firm has a fifty day simple moving average of $17.44 and a 200-day simple moving average of $12.92. The stock has a market cap of $474.02 million, a price-to-earnings ratio of 187.36 and a beta of 0.96.

Rigel Pharmaceuticals Company Profile

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in discovering, developing, and providing therapies that enhance the lives of patients with hematologic disorders and cancer. The company’s commercialized products include Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia; Rezlidhia, a non-intensive monotherapy for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test; and GAVRETO, a once daily, small molecule, oral, kinase inhibitor for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer, as well as for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer.